Chapter 7 bankruptcy Athens GA

To qualify for relief under Chapter 7 of the Bankruptcy Code, the debtor must be an individual, a partnership, or a corporation. The means test has now made it difficult for individuals to qualify for Chapter 7 bankruptcy. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, or BAPCPA, was signed into law by President Bush on April 20, 2005, with the intent of making it more difficult for citizens to file for Chapter 7 bankruptcy. This Act introduced the "means test" to check for abusive bankruptcy practices. The means test was added to the Bankruptcy Code to create objective standards for determining which individuals are "worthy" of relief in Chapter 7. It applies only to individuals and only those individuals whose debt is primarily consumer debt. Only about 15% of debtors are actually subject to the test, the qualification for which is having a monthly income higher than the median income for the state. If you fall into the 15% above the median monthly income for your state, you must determine your conditions for filing Chapter 13 bankruptcy based on your disposable monthly income. The presumption of abuse may be rebutted by the debtor by presenting facts and circumstances not provided for in the prescribed test. One obvious "special circumstance" might be that the debtor is now unemployed and doesn't really have the ability to pay that the artificial test suggests.

We are based in Athens, GA (Georgia). We can help you file for bankruptcy if you are located in Athens, Watkinsville, Carnesville, Elberton, Homer, Jefferson, Danielsville, Lexington, Hartwell, Winder, and Clarke County, Oconee County, Elbert County, Franklin County, Banks County, Jackson County, Madison County, Hart County, Barrow County and Oglethorpe County, Piedmont Judicial Circuit, Northern Judicial Circuit and Athens-Clarke County.

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Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County - Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy